Saturday, March 28, 2009
Wants ban on U.S. use of any foreign currency
 Rep. Michelle Bachmann, R-Minn. |
A member of Congress is warning the Obama administration to keep its hands off the U.S. dollar's status as the world's international currency.
U.S. Rep. Michelle Bachmann, R-Minn., has introduced a resolution that would bar the U.S. from recognizing any other currency than the dollar as its reserve currency.
Her action comes in response to suggestions from China, Russia and the United Nations that another currency be explored. Even U.S. Treasury Secretary Tim Geithner has admitted he would be open to the idea, although he quickly backtracked when the stock market plunged on his announcement.
"During a Financial Services Committee hearing, I asked Secretary Geithner if he would denounce efforts to move towards a global currency and he answered unequivocally that he would," Bachmann said. "And President Obama gave the nation the same assurances. But just a day later, Secretary Geithner has left the option on the table. I want to know which it is. The American people deserve to know."
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